Hydroxychloroquine Market - Global Industry Assessment & Forecast
- By Application Coronavirus Disease (COVID-19), Malaria, Lupus Erythematosus, Rheumatoid Arthritis
- By Distribution Channel Online Pharmacy, Hospital Pharmacy, Retail Pharmacy
- By Region North America, Latin America, Europe, Asia Pacifc, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 901.4 Million|
|Revenue 2028:||USD 2,598.6 Million|
|Revenue CAGR (2021 - 2028):||5.7%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
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Global Hydroxychloroquine Market is valued at USD 901.4 Million in 2021 and is projected to attain a value of USD 2,598.6 Million by 2028 at a CAGR of 5.7% during the forecast period, 2022–2028.The antimalarial medicine Hydroxychloroquine belongs to a group of pharmaceuticals known as antimalarials. By lowering immune system activity, it is used to treat rheumatoid arthritis and systemic lupus erythematosus. In 2020, hydroxychloroquine became popular as a coronavirus therapy (COVID-19). HCQ pills, on the other hand, are currently undergoing clinical trials as a potential COVID-19 treatment, and their efficacy in treating COVID-19 has yet to be established in the research. The global Hydroxychloroquine Market is expected to be driven by an increase in the prevalence of malaria and rheumatoid arthritis, as well as an increase in the geriatric population. In the near future, a surge in new releases and approvals is expected to boost the global Hydroxychloroquine Market.
Hydroxychloroquine Market Size, 2021 To 2028 (USD Million)
During the COVID-19 pandemic, companies in the Hydroxychloroquine medication industry doubled their output capacities. However, because of the danger of heart rhythm disorders, the FDA has advised against using Hydroxychloroquine outside of hospital settings. Individuals with juvenile idiopathic arthritis and a high frequency of lupus are driving the market for Hydroxychloroquine medicines. Several healthcare professionals, however, are dealing with medication resistance difficulties. As a result, pharmaceutical companies are developing data visualisation and mapping tools to track medication resistance spread. Such information is sent to government-run monitoring agencies in order to bring high-quality medications to the market.
Increase in Product Launches and Approvals
The goal of product launch strategy is to increase income. The launch of new products accounts for more than 25% of total sales and profits across industries. Lincoln Pharmaceuticals was granted FDA permission to produce Hydroxychloroquine (HCQ) and Hydroxychloroquine sulphate tablets in April 2020. The company will be able to export these products after receiving the requisite approval from the Directorate General of Foreign Trade (DGFT). During the projected period, the global Hydroxychloroquine market is expected to be propelled by an increase in the number of product approvals.
Outbreaks of diseases like the coronavirus can increase demand for the medicine. According to the WHO, there were 58,425,681 confirmed cases of COVID-19 worldwide as of November 23, 2020, with 1,385,218 deaths.
Limited Supply of Hydroxychloroquine
There are a number of limits and limitations that will limit the market's expansion. Factors such as a lack of supply of Hydroxychloroquine are possible barriers to the worldwide hydroxychloroquine and chloroquine market's overall growth. Nonetheless, ongoing technological advancements and unexplored potential in developing countries present great growth prospects.
The Global Hydroxychloroquine Market can be segmented by Disease Indication, into Malaria, Rheumatoid Arthritis, COVID-19, Systemic Lupus Erythematosus, and Others. Based on Distribution channel, the Global Hydroxychloroquine Market has been categorized into Hospital Pharmacies, Retail Pharmacies, And Online Pharmacies. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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North America to Continue Dominating the Hydroxychloroquine Market
In 2020, North America held the greatest proportion of the Hydroxychloroquine market. Government regulations, the availability of large-scale research facilities, and drug safety awareness are all expected to boost the market in North America. The Asia Pacific market is fueled by a favourable business climate and government measures to develop healthcare infrastructure. Furthermore, a greater emphasis on research and development is expected to boost the market in the region.
Some of the players are Sanofi, Amneal Pharmaceuticals, Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., Novartis AG, Zydus Cadila, Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Lupin Limited, Prasco Laboratories
Hydroxychloroquine Market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Hydroxychloroquine Market is tabulated as follows:
Frequently Asked Question
What is the global demand for Hydroxychloroquine in terms of revenue?
The global Hydroxychloroquine valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 5.7%.
Which are the prominent players in the market?
The prominent players in the market are Sanofi, Amneal Pharmaceuticals, Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., Novartis AG, Zydus Cadila, Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Lupin Limited, Prasco Laboratories.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.7% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Hydroxychloroquine include
- Increase in Product Launches and Approvals
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Hydroxychloroquine in 2020.